From the main game menu, select "Options." From the options screen, select "Pad Config". Once in the configuration menu, hold down the R2 button and press Right, Down, Right, Triangle, X. You should then hear a sound to let you know the code was entered correctly. Now go back to the main menu. You will see a new option called "Cheats." You will not be able to access this menu until you start the game. Start a game and Pause. Select "Cheats," and you will see various options to make life easier.
Thanks to Revolution reader Tom Meneghini!